The average life expectancy in humans has considerably increased over the decades with advancements in medical sciences. With rising number of older adults, there has been a considerable increase in instance of chronic diseases, disability and resulting mobility. These adults require assistive devices to be able to perform their routine everyday activities. The activities of daily living can be categorized as instrumental activities of daily living (IADLs) and personal activities of daily living (PADLs). IADLs refer to activities such as meal preparation, using a telephone, taking medication, traveling away from home and other such activities. PADLs include tasks that are essentially necessary for daily living such as feeding, dressing, bathing, moving or transferring, going to the toilet and other such basic activities. Instrumental activities are more complicated and require domestic or community assistance.
Assistive devices broaden a patient’s support base, improve stability and balance, and redistribute from lower limbs to alleviate joint pain or compensate for injury or weakness. The primary utility of assistive devices is to improve independent mobility, postpone functional decline, and decrease the burden of care on care givers. The patients who use assistive devices exhibit improved confidence and feeling of safety which leads to independence and increased level of activeness. Different assistive devices are used by geriatrics such as canes, crutches, walkers, rollators, wheelchairs, hearing aids and many such devices. Selection of a suitable device has to be done carefully considering the patient’s endurance, strength, cognitive function, balance and environmental demands. Canes help in redistributing weight from lower extremities that are painful or weak, improve stability and deliver tactile information about surface of the ground in order to improve balance. Crutches assist patients who have to use their arms for bearing weight and propulsion. A walker improves stability in those patients who suffer from weakness in lower extremities or poor balance due to weakness. Clinicians routinely examine and evaluate their patients’ assistive devices in order to ensure proper fit, height, maintenance and they counsel these patients on how to use these devices efficiently.
The key factor driving the growth of elderly and disabled assistive devices market is the increasing incidence of geriatric and disabled population across the world. According to the data revealed by the U.S. Department of Health and Human Services, the population of elder people aged 65 years and over stood at 46.2 million in 2014 in the U.S. and this number is poised to more than double to 98 million by 2060. With increase in the average life expectancy due to advancements in technology and medicine, the demand for elderly and disabled assistive devices will witness a steady growth in coming years. However, high cost associated with certain assistive devices such as bone anchored hearing aids (BAHA), cochlear implants, and power wheelchairs have resulted in low adoption rate of these devices.
Major companies in the global elderly and disabled assistive devices market focus on product innovation and development in order to outgrow their competitors. For instance, in 2015, Med-El received FDA approval for its SYNCHRONY cochlear implant, the first and only cochlear implant approved for 3.0T MRI without magnet removal. Some of the key players operating in this market are Sonova Holdings AG, William Demant Holdings A/S, Invacare Corporation, Sunrise Medical (US) LLC, Blue Chip Medical Products Inc. and Freedom Scientific, Inc.
Elderly and Disabled Assistive Devices Market Segmentation:
- Mobility Aids and Medical Ambulatory Products
- Door Openers
- Transfer Lifts
- Cranes and Crutches
- Mobility Scooters
- Walkers and Rollators
- Medical Furniture and Bathroom Safety Products
- Ostomy Products
- Medical Beds
- Bars and Railings
- Commodes and Showers Chairs
- Video Magnifiers
- Reading Machines
- Braille Translators
- Behind-The-Ear Aids (BTE)
- In-The-Ear Aids (ITE)
- Canal Hearing Aids
- Receiver-In-The-Ear Aids (RITE)
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- South Africa
- Saudi Arabia
- United Arab Emirates
We use both primary as well as secondary research for our market surveys, estimates and for developing forecast. Our research process commence by analyzing the problem which enable us to design the scope for our research study. Our research process is uniquely designed with enough flexibility to adjust according to changing nature of products and markets, while retaining core element to ensure reliability and accuracy in research findings. We understand both macro and micro-economic factors to evaluate and forecast different market segments.
Data is extensively collected through various secondary sources such as annual reports, investor presentations, SEC filings, and other corporate publications. We also refer trade magazines, technical journals, paid databases such as Factiva and Bloomberg, industry trade journals, scientific journals, and social media data to understand market dynamics and industry trends. Further, we also conduct primary research to understand market drivers, restraints, opportunities, challenges, and competitive scenario to build our analysis.
Data Collection Matrix
Data Collection Matrix
Primary Data Sources
- Distributors & Wholesalers
- Healthcare Providers
Secondary Data Sources
- Annual Reports/SEC Filings/ Investor Presentations/ Press Releases
- Government/Associations Publications
- Case Studies
- Reference Customers
Market Modeling and Forecasting
We use epidemiology and capital equipment-based models to forecast market size of different segments at country and regional level.
- Epidemiology-based Forecasting Model: This method uses epidemiology data gathered through various publications and from physicians to estimate population of patients, flow of treatment of individual disease and therapies. The data collected through this method includes statics on incidence of disease, population suffering from disease, and treatment population. This method is used to understand:
- Number of patients for particular device or medical procedure and
- Repeated use of particular device depending on health and condition of patient
- Capital-based Forecasting Model: This method of forecasting is based on number of replacements, installed-based and new sales of capital equipment used in various healthcare and diagnostic centers. These three parameters are calculated and forecast is developed. Installation base is calculated as average number of units per facility; while sales for particular year is calculated from number of new and replace units. Secondary data is collected through various supply chain intermediaries and opinion leaders to arrive at installation and sales rate. These techniques help our analysts in validating market and developed market estimates and forecast.
We do forecast on basis of several parameters such as market drivers, market opportunities, industry trends government regulations, raw materials supply and trade dynamics to ensure relevance of forecast with market scenario. With increasing need to granulized information, we used bottom-up methodology for forecasting where we evaluate each regional segment differently and combined all forecast to develop final market forecast.
We believe primary research is a very important tool in analyzing and forecasting different markets. In order to make sure accuracy of our findings, our team conducts primary interviews at every stage of research to gain deep insights into current business environment and future trends and key developments in market. This includes use of various methods such as telephonic interviews, focus groups, face to face interviews and questionnaires to validate our research from all aspects. We validate our data through primary research from key industry leaders such as CEO, product managers, marketing managers, suppliers, distributors, and consumers are frequently interviewed. These interviews provide valuable insights which help us to have better market understanding besides validating our estimates and forecast.
Quantitative Data (2017-2025)
- Market Dynamics (Drivers, Restraints, and Challenges)
- Industry Trend Analysis
- Market Opportunities
- Government Policies and Regulations, Patent Analysis, and Reimbursement Policies
- Porter’s Five Forces and PESTLE Analysis
- Key Developments and Competitive Landscape
- Market Assessment and Forecast
- Market Assessment and Forecast, By Product
- Market Assessment and Forecast, By Technology
- Market Assessment and Forecast, By Application
- Market Assessment and Forecast, By End User
- Market Assessment and Forecast, By Region/Country